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I want a VA Streamline Refinance - can anyone help?

I have a VA-guaranteed loan of appprox. 440k in Sonoma, Ca. My home is valued at approx. 400k (~110% LTV). My rate is 5.45% fixed. I have excellent credit (750+) and my wife has 800+ credit. I make good money, am current on my loan, and plan to remain in the home for some time. Here is the problem, my loan is held by CALVET. While most CALVET loans are not VA guaranteed, mine is! I have a VA Loan number and have confirmed with both VA and CALVET that my home is eligible for a VA streamline. It seems as if lenders have an issue with dealing with CALVET but I have spoken with CALVET and confirmed they have no issues with working with a refinancing bank. Does anyone have a VA streamline product that will work with a VA-guaranteed loan held by CALVET? Thanks, Josh
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September 10 2012 - Sonoma
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If you can pay it down to $417,000 it might open the field; there'll be more lenders that won't require an appraisal.
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September 10 2012
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Norm, Thanks for the info. Does it matter that the VA upped their guarantee amount for Sonoma county to ~453k as of August 6th, 2012? http://www.benefits.va.gov/homeloans/loan_limits.asp
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September 10 2012
I believe that if you keep the VA loan with the same lender they dont require an appraisal but if you switch lenders then you will need a VA appraisal and the max LTV is 100%.

Since your home is upside down your best bet is probably to contact your current servicer of your loan and see if they can do an IRRL VA loan (streamline loan)  for you
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September 10 2012
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Thanks however CALVET does not and cannot refinance. So I have to find someone else. I have found a couple of lenders who do no appraisal or 110% LTV loans but for some reason they won't do it for a calvet loan.
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September 10 2012
Try an out of state lender that doesn't usually run into Calvet, they won't have any preconceived ideas.  The instate lenders are used to Calvet loans not being covered by the US Dept of VA.
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September 10 2012
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Josh: You may want to try a lender that specializes in VA loans, as they have most likely run across the CALVET issue and may be able to advise you on what to do in order to move forward. [Promotion and phone removed by Zillow moderator. Please see our Good Neighbor Policy.]
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September 10 2012
CALVET is not eligible for IRRRL. Regular VA refinance will cap at 100% of current appraisal value. If you are unable to close at 100% you cannot refinance.
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September 10 2012
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Justin, actually that is not the case. Most calvet loans are not fed-Va guaranteed and those loans are not eligible for an IRRRL. However, they do have one product that does use the fed-VA guarantee and that is what I have. I have checked with both the federal VA office and Calvet and both agree that an IRRRL is available to me. However, your instant reaction is why I think that I am struggling getting an IRRRL as most people assume since most calvet loans can't do a streamline than mine can't. I assure you it can.
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September 11 2012
Josh,

That scenario sounds do able if the loan is VA guaranteed and you should have options availabe to you. 

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September 11 2012
 
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